Sri Lanka launches retirement living with Catalina Villas

Source: LBO

Granite Capital announced the launch of Catalina Koggala, a first-of-its-kind residential community villa development targeting the fast growing ageing population in the island.

The project will comprise 22 villas on 5.75 acres of land surrounded by paddy fields near the Koggala Lake where Catalina flying boats coming from Australia used to land during World War II when flights to Britain was disrupted.

“This is a first for Sri Lanka but it is a fast growing market in the developed world like US and Australia,” Brad West, chairman of  Granite Capital told media at the launch in Colombo, Monday.

“In parts of East Asia like in Thailand and Indonesia this market has grown fast as their visa regulations are relaxed.”

In Sri Lanka the visa process for expats is a bit more complicated.

“This is why we are not looking at targeting expats unlike fast growing East Asian nations,” Jeevan Williams, executive director at Granite Capital said.

“We are targeting Sri Lanka dual citizens and also locals who are looking for a relaxed living with the like-minded.”

The project investment comprises approximately 55 percent Sri Lankan shareholder capital, while the remaining 45 percent will come from foreign shareholders from Australia, Singapore and the US.

According to Williams, the project will near completion in July 2019 and will sell at a price range of 272,000 US dollars – 325,000 US dollars.

“This our first project and therefore we are starting with a manageable small project but we are planning to look at larger development later.”

The project is not under the BOI.